Telegram-herald., 1887-09-17
MONEY IS STRINGENT
r. G DUN & co.'s WEEKLY REVIEW.
The nsasy Fto~i.x from the East % the
west sad sSoth-Tns Iron Product
Larger thza Oas Ys.f Ago-Ihs
Wool Market Lifsisss

Esr YORx. sept. i6.-R. G. Dun & Coz
weekly review Of trade will say; AL an
ticipalions Of the momentary s;ringency
this Fab which was expressed months ago,
are abfhdantly jasrHed by the pressure
nov felt in spite Of supplies from abroad,
far beyond reasonable anticipation. Were
the merchandise movement alone 10 con-
troll gold would be going out in large
amounts: instead. gold is coming in largely
through the operations Of syndcstes. in the
purchase OF securities, or tor other In vest
ments or for loans. and YET the pressure Is
secure. The Boston market is light. many
millions having been sent West for railroad
building or other operations. Philadelphia
j. cautious because of recent fall
urs-. and consequently not wholly
disclosed Cincinnati banks are forced 10
especial conservatism by Cincinnati, Ham
ilton a Dayton uncertainties and the effects
Of the Fidelity collapse. Chicago reports
an enormous business done by note bankers
and high rates Did by merchants and man.
uf.cturers. A stringency is reported st
Nashville and Atlanta, with active demand
ct full rates At New Orleans, and the de-
mand az Cleveland. Omaha, Kansas City
and other Western cities is universally
brisk on account of activity in
trade or In building. The Treasury
continues To absorb money. IL holds, 81
all points. 81 10000 more gold than last
Saturday. and 500, 900 more legal tenders,
against 100000 less silver. The demand
for small bills has pressed silver notes into
use until $50 .000. 600 are Outstanding. But
the Treasury absorption obviously does not.
account for the scarcity. in view OF the
large imports OF gold, and the conclusion is
unavoidable that the drain Of money TO the
West and South 10 unusually large. Great
officially In making time loans-becsuse
New York banks have no money TO spare
except on call-depresses stocks and begins
10 cause curtailment of commercial trans
actions. Months ago il WAS foreseen that
real estate speculation. and an attempt to
do IN one yeaT all the building rs ded for
several years TO come, would cause some
embarrassment, which is now felt.
The weekly production Of pig iron
Is not smaller than q year sgo as
some assert. but according - the
Iron Ags 12i. .462 tons of anthracite
and bltuminous, against l02,4l3 Sept. 1.
lSS6, an increase of 10 per cent. Except
for few grades the tone Is weaker. and
heavy imports continue with much COM
plaint of under valuations. The Glass
Works of Pittsburg are idle on account OF 9
contest about wages. A great strike OF
"
bat its continuance has probably been
avsrted by concessions, and the market has.
"a yet, been but little Afflicted.
Wheat has been dull and lower,
In spite Of the reduction of ocean
rates tolled for grain to Liverpool. Large
exports from California In August, at q
nominal price above 81 per bushel, are
officially reported, and suggest that the
effects of the corner are yet felt In Liver
pool.
Corn is a shade lower, with somewhat
better prospects IS to yield. but there is no
longer doubt that the crop was greatly
diminished By the drsught, another effect
OF which is seen in the heavy shipments
OF cattle TO the depressed market.
! on doomed" TO about rs cents on reports
of meeting Of producers at PIttsburg on
| Monday, but collapsed 10 81 on Wednesday,
recovering q little since. The wool market
| drsgs lifeles,ly though Philadelphia author
| tiles estimate the years clip at only
| 26i .O0O, 900 pounds; the fact Is remembered
| that their estimates last year were 40 co.,
| o00 pounds below those Of Mr.. Lynch.
| The boot and shoe trade still inn
proves. and dry goods are fairly sustained,
| but with irregulsrity IN demand. which
| makes some qualities scarce while others
| move slowly. Exports of brsadstufs. pro-
| visions. cotton. cattle, and oil in August
were s37 600 in value 6.3 per cent.
above the sane month last year. But i'm
/ ports a. New York for August show an in
crease Of Is per cent, which would indicate
| another heavy excess OF imports over e1-
| ports for that month. Gold comes this way.
| not in payment for goods. out a. = loan.
| Business failures occurring throughout the
| United States and Canada during the last
several days number 1ss compared with
| Ia last week aud 1s5 for correspondent z
1 week lsst year.